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FTC is Mortgage Technology Industry’s White Knight in Antitrust Settlement

  • The FTC settled with Intercontinental Exchange, Inc. (ICE) and Black Knight, Inc. to resolve allegations that a proposed merger of the nation’s two largest providers of home mortgage loan origination systems (LOS) would create antitrust concerns.
  • As we previously reported, the FTC issued a complaint against ICE and Black Knight alleging, among other things, that a merger would allow the companies to raise costs for lenders using LOS—software that manages documents and workflow during the mortgage generation process.
  • The settlement agreement requires Black Knight to divest certain businesses and products to another company that provides mortgage-related tools and software; and requires both ICE and Black Knight to seek FTC approval before acquiring an interest in any LOS business, among other requirements.